Bitcoin price has reached the $38,500 target and the expected scenario has materialized. It is now time for an increase in volatility. If BTC shows a reactionary rise from here, we might see rapid recoveries in altcoins. However, in the opposite scenario, a deeper correction could lead to the cumulative value of cryptocurrencies falling back to $1.4 trillion.
SNM Coin Analysis
After a 50% increase at the end of November, the popular altcoin SNM Coin reversed from its peak. The price attempted to break through $0.003991 three times but fell back to $0.002604 support after a failed attempt on December 4. It has been testing the support and resistance zones within a parallel channel for 40 days.
For the price to revisit its late November peak, it needs to break free from the parallel channel’s resistance at $0.002995 and maintain daily closures above it. Otherwise, it could lose support and fall to as low as $0.002301.
AVAX Price Prediction
Throughout January, we discussed the need for AVAX Coin price to maintain its parallel channel support. A visible decline occurred with the loss of the middle area and the waning ETF excitement. After lingering around the $35 region following the $50 peak, the price lost the critical $31.5 support and fell back to the $27.3 area.
At this stage, the price needs to reclaim the $30.4-$31.5 region. Failure to do so could increase the risk of falling to $26.2 and $21, intensified by deepening BTC sales. Short-term closures below $24.85 could severely limit the chances of a rebound.
LUNA Price Prediction
Terra’s CEO announced a Chapter 11 bankruptcy filing, and due to upcoming trials and the potential extradition of Do Kwon to the US, the price is expected to remain weak in the coming months. Despite speculative surges, we have been discussing the abnormal risks borne by LUNA investors for nearly 1.5 years. The massive losses incurred during this period confirm the validity of this view.
The previously highlighted $0.55 support could be broken due to bad news specific to LUNA, potentially leading to a move towards $0.43 and new all-time lows (ATL).
LUNC Price Prediction
LUNC Coin, another speculative asset, is also struggling. The Terra Rebels have tried various strategies to revive the token. However, the ecosystem has been shattered following the collapse, and the likelihood of UST returning to $1 is not reasonable. Therefore, LUNC Coin may not be a good option in the long run.
If the current downtrend continues, closures below $0.00007769 could pave the way for a fall to $0.00005516 and new lows.
